MARKET REPORT - LAKE ANNA...Waterfront Lots SOLD in Louisa County in 2011

MARKET REPORT - LAKE ANNA...Waterfront Lots SOLD in Louisa County in 2011

There are three counties bordering Lake Anna. They are Louisa, Spotsylvania, and Orange Counties. Both Louisa and Spotsylvania encompass the majority of the countryside around Lake Anna while Orange County covers a much smaller section in the northwest area of the lake. This market report lists the 24 waterfront lots sold during 2011.

Waterfront lots are located along the shore. When we talk about waterfront lots we are actually including three categories:

1. Waterfront - Direct access to the lake
2. Shared Waterfront - Generally at the back of a cove where 4-5 lots share a limited amount of shoreline with joined boat slips rather than individual docks)
3. Park Waterfront - Located next to the common area within the subdivision. The lot has access through the common area to the lake and does not have separate shoreline for boatshelter, etc. It probably has a boat slip in the common area.

Prices generally range from below $100,000 to several hundred thousand dollars for appoximately one acre of land. Price is naturally based on a number of factors. They include:

• View of Lake Anna - Not all waterfront lots have house sites with views of the water
• Amount of shoreline
• Depth of water
• Location - Amount of boat traffic, unobstructed view,
• Lot condition - degree of slope to water
• A boat shelter or dock
• Community amenities

Things that do not determine market value:

• Whether it is on the main lake or on the private side
• County location

Waterfront lots have had to compete with resale homes which have undergone a fair amount of depreciation. As a result, many buyers are foregoing the purchase of a lot, deciding on a house plan, and going through the actual process of new home construction. There has also been a decrease in the number of builders constructing spec homes on waterfront lots during the recent downturn in the real estate market.

Information obtained from the Metropolitan Regional Information System (MRIS) and is deemed to be reliable.